Tone Vays, who has been trading in the crypto money world for a long time, talked about Bitcoin in his new video. Stating that Bitcoin, the strongest member of the crypto money world, shows “weakening signals”, Vays said, bitcoin warned its investors. Here are the BTC comments from the expert trader.
Famous trader Tone Vays, who publishes “strategy” videos via YouTube, stated in a video he just published that Bitcoin, which has been showing an upward trend, now shows a bearish signal at certain levels.
“But I don’t like oscillators (lagged indicators that can signal a trend change) on the four-hour time frame and an MRI (momentum reversal indicator) seems to be coming. So you have to be really careful at this stage. Normally you don’t get bearish signals that are bearish when prices are rising. This is a very rare event. If your volume drops badly, that’s what happens.”
Vays refers to the Chaikin money flow (CMF) indicator, which is a technical oscillator that monitors volume to identify periods of accumulation and profit taking. According to this chart used by the trader, the CMF is hovering below the zero line, which represents market weakness for the coin.
Examining the daily time frame, Vays pointed out that while Bitcoin is on the rise, its volume is shrinking.
“You can see that the volume has declined overall since the big spike on May 19. This is just a general trend. Each peak is low. This is nothing great. It’s not something you really want to see.”
According to Vays, Bitcoin will experience a pullback before reaching its high in the short term.
“I expect another bottom buy after approaching all-time high. And then, I believe there will be a pullback to the lows of the $50,000 area. Will this happen now? I have no idea. But we continue to rise a little. I still think there is some more room but then I think there will be a pullback before the big spike at the end of the year.”,
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